Ingestible sensors market is
expected to reach USD 2.0 billion by 2024, according to a new report by Grand
View Research, Inc. The
escalation in the geriatric population has driven the demand for improved,
minimally-invasive, medical technologies and devices to address the needs of
the elderly population subset. With the advent of the sensors that can be
ingested, the internal anatomy of the human body can be easily studied and
monitored with changes in pressure, temperature, and pH recorded constantly.
The internal
anatomy can also be captured with the help of an image sensor, enabling
enhanced visualization of the gastrointestinal tract along with any anomalies
that maybe causing digestive perturbations; thus, expediting conclusive disease
diagnosis with greater clarity while obviating cumbersome procedures, such as endoscopy.
The growing
number of chronic diseases like cardiac diseases, obesity and diabetes along
with cancer require constant physiological monitoring of vital bodily
functions, which is easily met by the use of ingestible sensors. Favorable
reimbursement options provided by governments and insurance companies have
promoted the adoption of these devices to a larger extent. Compliance with
medication regimes has increased significantly in patients, which has further
encouraged the adoption of these ingestibles.
The major
restraints in the ingestible sensors market are technical and clinical
constraints along with the substantially large technological costs associated
with manufacturing and designing of these sensors that require high capital
funds.
On the basis
of components, the ingestible sensors market is segmented into sensors,
wearable data recorder, and software. The sensor components enable data
collection and wireless transmission of the recorded data for it to be decoded
by the software into clinically meaningful data for further analysis to be
performed.
The various
kinds of sensors available are temperature, pressure, pH, and image sensors.
The medical applications of the sensors are wide ranging as they support
wireless and remote, patient monitoring as well as diagnostic imaging. All
sensor devices are equipped with technical components that facilitate physician
access to the diagnostic output on easily operable user interfaces.
The medical
vertical has been the highest gaining segment owing to the use of ingestible
sensors in clinics and hospitals. These sensors furnish medical professionals
with accurate, real-time data for multiple parameters through non-invasive and
wireless technology; in consequence, these devices are a mainstay of diagnostic
procedures. In other segments including sports and fitness, the wearable
sensors that monitor vital signs to check serious ailments, have gained
significant momentum.
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Further key findings from the study suggest:
- The major market share is estimated to be dominated by the North America region due largely to the technological advancements and the pre-existing robust research and development base. The majority of the companies dominating the market has progressed in terms of designing and manufacturing of sensors and is at present focusing on refining the existent products.
- The Asia Pacific region is set to grow at a steady pace due to the increasing adoption of ingestible sensors in hospitals and clinics. With a huge target population base in this region including the escalating geriatric patient count afflicted with chronic diseases, smart pill technology, such as ingestibles address the need for novel technology to incorporate minimally invasive procedures in the diagnostic process.
- Temperature and image sensors are the major profit gainers among the ingestible sensors as they furnish accurate readings with respect to the body temperature and metabolic changes; hence, facilitating easy interpretation
- The medical vertical is expected to be the highest gaining segment owing to the increasing adoption of ingestible sensors in patients, followed by the sports and fitness segments
- Some key market players include Proteus Digital Health, Inc., CapsoVision, Inc., Given Imaging, Inc., and Olympus Corporation, among others
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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